FxWirePro

Gold Daily Outlook

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
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5
Intraday trend-Bearish
Gold has broken major support 1185 which confirms it has formed temporary top around 1238 and further selling is expected in coming days .
On the downside break of 1185 will take the commodity to 1160/1138 in short term.
The minor resistance is around 1205 and any indicative break above would extend gain to $1213/1223. Overall trend reversal only above $1238.

Indicators (4 Hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell Gold around 1185-90, SL 1206, Target $1160/1141.

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